KPI Green Energy Limited has signed a binding offer to acquire 100% equity stakes in Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) at an enterprise value of approximately ₹2,410 crore. The two companies collectively own 507.9 MW of operational wind power projects located in Bhuj, Gujarat’s Kutch wind corridor.
The proposed acquisition will significantly expand KPI Green Energy’s wind power portfolio by adding fully operational and revenue-generating assets to its balance sheet. The acquisition will provide immediate capacity addition without the construction and commissioning risks associated with developing new projects.
The combined portfolio comprises 301.4 MW held by AEPL and 206.5 MW held by NWPL. Both portfolios supply electricity to the Solar Energy Corporation of India (SECI) under 25-year power purchase agreements (PPAs). AEPL’s projects were commissioned in March 2021, while NWPL’s projects became operational in March 2024. The portfolios have approximately 21 years of remaining contracted life on a capacity-weighted basis.
Following completion of the transaction, KPI Green Energy’s installed independent power producer (IPP) capacity is expected to rise from 1.16 GW to approximately 1.67 GW, including the addition of 507.9 MW of operational wind capacity. The company is also expected to cross 2 GW of installed IPP capacity by the end of the year.
The transaction remains subject to the execution of definitive agreements and the fulfilment or waiver of customary conditions precedent, including required lender, contractual and regulatory approvals. The acquisition is expected to be completed by February 28, 2027.
Commenting on the development, Dr. Faruk Patel, Chairman & Managing Director, said: “This is a defining moment for KPI Green. It will be our first acquisition at this scale and our first in wind, and upon completion bringing 507.9 MW of operational, SECI-contracted capacity onto our platform from day one. The acquisition strengthens our presence in Gujarat’s Kutch wind corridor and upon completion, adds a portfolio of revenue-generating assets with long-term contracted cash flows. As we continue to build our own portfolio as a long-term developer and independent power producer, this transaction marks an important milestone in our growth journey.”
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